Lead Story Picture

BofA, US Bank To Settle Suit Over $3.3B WaMu Losses

Bank of America counsel told a New York federal judge Friday that they've reached a meeting of the minds with pension funds suing BofA and US Bank, which are the trustees of 19 Washington Mutual mortgage-backed securities portfolios that have allegedly experienced over $3.3 billion in recognized losses.

  • Galleon's Rajaratnam Says $92M Fine Carried Bogus Motives

    Convicted Galleon Group LLC founder Raj Rajaratnam on Friday kicked off a Second Circuit fight over his $92.8 million civil fine, telling the appeals court that U.S. District Judge Jed Rakoff improperly used the fine to try to impoverish him.

  • Samsung's Cheil Goes For $1.4B IPO As SDS Prices At $1.1B

    Two Samsung companies are gearing up for two big offerings this year, with the de facto group holding company, Cheil Industries, applying for a $1.4 billion IPO Friday, the same day information technology unit Samsung SDS Co. priced at nearly $1.1 billion, as the group chairman prepares to hand over the reins of his empire. 

  • Insurer Must Pay $50M Of Cameron's Deepwater BP Deal

    A Louisiana federal judge ruled Friday that Liberty International Underwriters Inc. must cover $50 million of a $250 million settlement reached between Cameron International Corp. and BP PLC over Cameron’s failed Deepwater Horizon blowout preventer, but that the insurer doesn’t have to also pay for defense costs.

  • 2nd Circ. Denies UBS Arbitration Bid In Facebook IPO Spat

    A split Second Circuit on Friday rejected UBS Securities LLC's bid to revive a $350 million arbitration over Nasdaq OMX Group Inc.'s alleged breach of an agreement for mishandling Facebook Inc.'s initial public offering in May 2012.

  • Whirlpool Leaves 'Price Premium' Theory Down, But Not Out

    Whirlpool Corp.'s victory Thursday in a closely watched moldy-washer lawsuit dealt a blow to claims that consumers paid more for a product believing it did not have a defect, but attorneys say the so-called price premium theory will continue to be a major front in a variety of consumer litigation.